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02-02-15, 15:48
http://www.straitstimes.com/archive/wednesday/premium/money/story/ms-holds-back-sales-reward-early-buyers-20150128
M+S holds back sales to reward early buyers
Published on Jan 28, 2015 1:10 AM
By Cheryl Ong
DEVELOPER M+S is holding back on selling remaining units at a major project for two years, in hopes of fetching a better price later.
Tan Sri Azman Yahya, chairman of M+S, told The Straits Times that 521 units in Marina One Residences' second residential block will be sold only when the project obtains its temporary occupation permit (TOP) in 2017. This is despite demand for one-bedroom units, which have sold for a median price of about $1.5 million.
"We made that decision, and we informed the buyers, so we have to stick to it. Obviously we have to honour it, despite the demand which again was better than expected."
Ms Kemmy Tan, chief executive of M+S, said the move was also to "reward" earlier buyers who had snapped up units at lower prices at the project's launch. Units at Marina One have sold for an average price of $2,248 per sq ft. By the time of the project's completion, said Ms Tan, M+S will take the opportunity to price the new units "upwards".
M+S, a joint venture between Malaysia's Khazanah and Singapore's Temasek, does not come under qualifying certificate rules which penalise developers that do not sell all units within two years of their completion.
The 1,042-unit Marina One Residences has sold 83 per cent of the 401 released units, but Mr Azman hopes to sell the remainder in the first residential block by 2017.
Separately, M+S inked a deal with Hyatt Hotels and Resorts to develop a 340-room, five-star Andaz hotel in its other project Duo, in Beach Road - Andaz's first South-east Asia hotel.
Andaz is a boutique brand under the Hyatt group.
Nearby, City Developments is also building its 654-room hotel, The South Beach, within the South Beach integrated development.
Mr Azman said the hotels would play "complementary" roles.
"In any area, you must have a certain size of rooms to attract visitors... so the whole area can come up. The name Andaz itself, I think the market is already aware, is going to be quite different," he said.
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M+S holds back sales to reward early buyers
Published on Jan 28, 2015 1:10 AM
By Cheryl Ong
DEVELOPER M+S is holding back on selling remaining units at a major project for two years, in hopes of fetching a better price later.
Tan Sri Azman Yahya, chairman of M+S, told The Straits Times that 521 units in Marina One Residences' second residential block will be sold only when the project obtains its temporary occupation permit (TOP) in 2017. This is despite demand for one-bedroom units, which have sold for a median price of about $1.5 million.
"We made that decision, and we informed the buyers, so we have to stick to it. Obviously we have to honour it, despite the demand which again was better than expected."
Ms Kemmy Tan, chief executive of M+S, said the move was also to "reward" earlier buyers who had snapped up units at lower prices at the project's launch. Units at Marina One have sold for an average price of $2,248 per sq ft. By the time of the project's completion, said Ms Tan, M+S will take the opportunity to price the new units "upwards".
M+S, a joint venture between Malaysia's Khazanah and Singapore's Temasek, does not come under qualifying certificate rules which penalise developers that do not sell all units within two years of their completion.
The 1,042-unit Marina One Residences has sold 83 per cent of the 401 released units, but Mr Azman hopes to sell the remainder in the first residential block by 2017.
Separately, M+S inked a deal with Hyatt Hotels and Resorts to develop a 340-room, five-star Andaz hotel in its other project Duo, in Beach Road - Andaz's first South-east Asia hotel.
Andaz is a boutique brand under the Hyatt group.
Nearby, City Developments is also building its 654-room hotel, The South Beach, within the South Beach integrated development.
Mr Azman said the hotels would play "complementary" roles.
"In any area, you must have a certain size of rooms to attract visitors... so the whole area can come up. The name Andaz itself, I think the market is already aware, is going to be quite different," he said.
[email protected]